OGpar returns offshore assets to ANP (Brazil)

February 17, 2014

Eike Batista’s oil Óleo e Gás Participações S.A. is returning some of its offshore assets to the Brazilian National Agency of Petroleum (ANP).

The company, formerly known as OGX, said that it would give back the Itacoatiara, Viedma, Tulum and Vesúvio complexes, located in the Campos Basin, and Natal and Belém complexes, located in the Santos Basin, after the rejection of request for extension of deadlines of the Discovery Assessment Plans (DAPs) by ANP.

Óleo e Gás Participações also said it would give back Curitiba, located in the Santos Basin, after conducting formation tests that indicated an index of reduced productivity due to low permeability of the reservoir rocks.

Additionally, OGpar announced the Tubarão Tigre, Tubarão Areia and Tubarão Gato Fields return, because no feasible solutions for technical-economic development of these fields were found, despite the efforts undertaken.

“The return of these areas will not affect the Company´s business plan, once the economic value of these projects was not considered in any of the Company’s projections, which were presented in the negotiations with creditors or in the Reorganization Plan,” OGpar said in a press release.

[mappress]

February 17, 2014